Godrej Agrovet Q2 FY27 results: net profit down 25.1% to ₹132.59 crore, revenue up 19.8%

How did Godrej Agrovet perform in Q2 FY27?

Godrej Agrovet reported standalone revenue of ₹2,396.31 crore for Q2 FY27, against ₹1,999.73 crore in Q2 FY26 and ₹2,205.39 crore in Q1 FY27. Revenue rose 19.8% year-on-year and 8.7% from the previous quarter. Total income was ₹2,416.62 crore, up 15.7% from Q2 FY26 and 6.5% from Q1 FY27.

Standalone EBITDA was ₹208.75 crore in Q2 FY27, against ₹195.62 crore in Q2 FY26 and ₹227.61 crore in Q1 FY27. The EBITDA margin was 8.7%, down 1.1 percentage points from Q2 FY26 and 1.6 percentage points from Q1 FY27. Profit before tax was ₹174.92 crore, while net profit was ₹132.59 crore and basic EPS was ₹6.89. The board also approved consolidated results for the quarter and half year, with the limited review reports carrying an unmodified opinion.

What changed in Godrej Agrovet's costs and profit?

Cost of materials consumed was ₹2,019.43 crore in Q2 FY27, up ₹420.60 crore from Q2 FY26. Total expenses rose ₹378.54 crore to ₹2,241.70 crore, while finance costs fell ₹4.53 crore to ₹22.08 crore, depreciation fell ₹0.38 crore to ₹32.06 crore and other expenses rose ₹0.44 crore to ₹171.97 crore.

Other income fell ₹69.26 crore year-on-year to ₹20.31 crore, compared with ₹89.57 crore in Q2 FY26 and ₹63.71 crore in Q1 FY27. There was no exceptional item in the quarter. Tax expense was ₹42.33 crore, down ₹6.74 crore from Q2 FY26 and ₹16.29 crore from Q1 FY27, while profit before tax fell ₹51.22 crore year-on-year to ₹174.92 crore.

Management said input-cost inflation caused an approximately 120 basis-point impact on the Q2 EBITDA margin. It cited milk, packaging and feed inputs among the commodities affected by inflation, and said inflationary trends were likely to persist in the near term.

How did the first half of FY27 go?

In the first half of FY27, standalone revenue was ₹4,601.70 crore, up ₹595.41 crore or 14.9% from H1 FY26. Total income was ₹4,685.72 crore, up ₹577.85 crore or 14.1%, while profit before tax was ₹417.14 crore, down ₹27.67 crore or 6.2%.

H1 FY27 net profit was ₹316.19 crore, down ₹29.77 crore or 8.6% from H1 FY26, and basic EPS was ₹16.44 against ₹17.99. The filing also reported consolidated figures alongside the standalone results.

What do the balance sheet and cash flow show?

As on 30 September 2026, total assets were ₹6,290.08 crore against ₹5,809.64 crore at 31 March 2026. Total equity was ₹3,005.12 crore against ₹2,895.52 crore, borrowings were ₹1,187.63 crore against ₹758.48 crore, and cash was ₹1.32 crore against ₹284.49 crore.

Inventories increased to ₹1,521.16 crore from ₹1,087.91 crore, while trade receivables rose to ₹561.20 crore from ₹351.40 crore. Trade payables were ₹1,425.40 crore, compared with ₹1,460.04 crore at the previous balance sheet date.

H1 FY27 operating cash flow was negative ₹334.55 crore, compared with ₹311.68 crore in H1 FY26. Investing cash flow was negative ₹113.47 crore against negative ₹980.69 crore, financing cash flow was ₹164.85 crore against ₹648.52 crore, and capital expenditure was ₹128.02 crore against ₹113.62 crore.

How has Godrej Agrovet done over the last 8 quarters?

Revenue reached ₹2,396.31 crore in Q2 FY27, the highest of the last eight quarters, and management’s presentation showed double-digit revenue growth. Revenue had bottomed at ₹1,549.88 crore in Q4 FY25 before rising through the subsequent quarters, including ₹1,667.71 crore in Q4 FY26 and ₹2,205.39 crore in Q1 FY27.

Net profit reached ₹183.60 crore in Q1 FY27 before falling to ₹132.59 crore in Q2 FY27. The EBITDA margin peaked at 12.9% in Q1 FY26 and bottomed at 6.3% in Q4 FY26; it was 8.7% in Q2 FY27 after 10.3% in Q1 FY27. Revenue rose year-on-year in each of the last eight quarters.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, following the Audit Committee’s recommendation. It also noted the limited review reports, which carried an unmodified opinion. The same-day investor communication covered Q2 and H1 FY27 performance and was placed on the company’s website; the available filings did not mention a dividend or fund raise.

What did Godrej Agrovet's management say?

Management said the Crop Care operating outlook for H2 FY27 remained muted because of continued volatility and El Niño impact. It also said milk prices were expected to stay elevated in Q3 FY27 and weigh on margins, while inflationary trends were likely to persist in the near term.

Management said Animal Nutrition growth was driven by higher realisations, volumes and efficiencies, while Oil Palm growth was realisation-led but faced lower OER and margin contraction. Crop Care’s result was affected by high carryover inventory, weak channel liquidation, weaker kharif acreage and poor cotton-herbicide demand, and Astec faced weaker enterprise demand, high agchem inventories and export destocking.

Management described premiumisation and product-led growth as priorities across dairy, foods and animal nutrition. It also said the first phase of a CPKO refinery for specialty fats and the Khammam CPO mill had been commissioned, while Samruddhi expanded into Karnataka, MP, Gujarat, TN and UP. The presentation did not record any analyst questions.

How did Godrej Agrovet shares react?

After the filing appeared, the stock fell 1.5% within 5 minutes, 0.8% within 15 minutes and 0.6% within 30 minutes. The Animal Feed industry’s median move over the same session was negative 1.5%; no complete reaction-day or later-session comparative move was available.

Earlier results-day reactions were mixed: the stock fell 3.8% on 5 August 2026, 2.3% on 30 April 2026 and 4.5% on 5 November 2025, while it rose 1.6% on 3 February 2026, 1.3% on 6 August 2025 and 2.8% on 31 January 2025. These are historical price moves and do not indicate the direction of any future reaction.